Reliance Industries chairman, Mukesh Ambani, has been dethroned as the richest person in Asia by his fellow Indian billionaire Gautam Andani. Bloomberg's list of the world's richest people showed how Andani's wealth skyrocketed over the past two years, finally overtaking Ambani on Monday.
The 59-year-old business mogul's net worth reached $88.5 billion this week, surpassing Ambani's current $87.9 billion. Since the start of the year, Adani increased his wealth by $12 billion, making him the highest wealth gainer on Bloomberg's list this year. Adani is currently the 10th richest person in the world, while Ambani ranks 11th on the list.
Adan was a college dropout who began his career in the diamond industry in Mumbai in the early 1980s. He eventually returned to Gujarat to assist run his brother's plastics company. He then founded Adani Enterprises in 1988.
Before the start of the pandemic, Adani was worth less than $40 billion. As the pandemic changed the economic landscape in India, Adani's wealth skyrocketed. His company, Andani Groups, owns and operates multiple companies in multiple industries, including those in the energy, logistics, and aerospace industries.
Adani's group has taken control of seven airports and about a fifth of India's air traffic in only three years. In the non-state sector, his company currently holds the country's largest airport operator, power generator, and city gas retailer.
During the pandemic, the Adani Group's share prices did remarkably well on the Indian stock market. Since June 2020, Adani Enterprises' stock has increased by over 1,000% on the National Stock Exchange in Mumbai, indicating that investors are confident in Adani's ability to bet on sectors like infrastructure and renewable energy, which are critical to Prime Minister Narendra Modi's economic development goals.
The coal mogul, whose controversial Australian mining proposal prompted criticism from climate activists, has slowly been diversifying his business outside coal and fossil fuel sources. He's branching out into renewable energy, airports, data centers, and defense contracting, all of which are in line with the Indian government's long-term economic plans.
Both Indian billionaires, who gained their fortunes on coal and fossil fuels, are now pursuing green energy ventures. Ambani has pledged $10 billion over the next three years as part of a $76 billion renewable energy investment plan. Adani has promised to invest a total of $70 billion by 2030 to help his company become the world's largest generator of renewable energy.
In 2021, companies such as Total SE and Warburg Pincus LLC invested in Adani's businesses. In January 2021, the French oil giant agreed to purchase 20% of Adani Green Energy Ltd. and a 50% share in the Indian partner's portfolio of operating solar facilities, but at a significant discount. In comparison to Adani Green's market value, the acquisition was only about $2.5 billion.
